Executive Summary

Q1 2025 EPS was $1.10, up from $0.95 in Q1 2024, driven by base rate increases, customer growth, and higher ADITC amortization; net income rose to $59.6M from $48.2M YoY . Revenues were $0.432B, down from $0.448B YoY as mix and FCA deferrals offset usage and rate impacts .
Management reaffirmed FY 2025 EPS guidance of $5.65–$5.85 and raised full‑year hydropower generation forecast to 7.0–8.5M MWh (from 6.5–8.5M) given strong snowpack; O&M and capex guidance unchanged .
Execution focus on capacity and transmission: 80 MW battery on track for spring start, Jackalope 600 MW wind (300 MW owned) pending Idaho Commission approval, and breaking ground on Boardman‑to‑Hemingway in 2025 with earliest in‑service 2027 .
Regulatory and financing catalysts: notice of intent to file an Idaho general rate case (target effective no earlier than Jan 2026) to reduce regulatory lag; upsized public equity forward offering of ~4.5M shares priced at $111 per share (settlement within 18 months) to fund capex .

What Went Well and What Went Wrong

What Went Well

Customer growth (2.6% YoY; ~16,500 additions) and Jan 1, 2025 Idaho base rate changes increased retail revenues per MWh by $11.3M and operating income by $5.4M YoY; CFO: “benefit was mostly from the increase in Idaho base rates... Customer growth increased operating income by $7.3M” .
Hydrology and market conditions: less volatile western gas/power prices reduced net power supply expenses and lifted other operating income by $1.9M YoY; hydropower outlook raised to 7.0–8.5M MWh on 108% of normal snowpack .
Strategic build‑out: 80 MW battery to be operational later spring; Boise Bench storage permitted; 600 MW Jackalope wind (300 MW owned) progressing; Boardman‑to‑Hemingway and Southwest Intertie projects advancing .

What Went Wrong

O&M inflation and wildfire costs: other O&M up $7.2M YoY, including ~~$3.2M wildfire mitigation and insurance and lower grant funding (~~$1.8M); labor inflation also pressured costs .
Depreciation rose $5.8M YoY on plant‑in‑service growth; non‑operating expense up $2.2M due to higher debt balances and interest on transmission deposits (partly offset by higher AFUDC) .
Retail revenue headwinds: increased deferral under the FCA negatively affected retail revenues by $1.5M; industrial usage per customer declined, offsetting higher residential usage from colder Q1 weather .

Financial Results

Metric	Q1 2024	Q4 2024	Q1 2025
Revenue ($USD Millions)	$448.3	$397.4*	$432.0
Net Income ($USD Millions)	$48.2	$37.9	$59.6
Diluted EPS ($USD)	$0.95	$0.70	$1.10

Values with an asterisk were retrieved from S&P Global.*

Narrative comparisons:

EPS up $0.15 YoY (Q1 2025 vs Q1 2024) on rate changes, customer growth, and higher ADITC amortization ($19.3M vs $12.5M) .
Revenues down $16.3M YoY; mix/FCA deferrals and slightly lower industrial usage offset residential usage strength .

KPIs and Operating Drivers:

KPI	Q1 2024	Q1 2025
Additional ADITC amortization ($USD Millions)	$12.5	$19.3
Other O&M YoY change ($USD Millions)	—	+$7.2
Depreciation YoY change ($USD Millions)	—	+$5.8
Customer growth (12 months ended)	~2.6%	~2.6%
Snowpack vs normal	—	108%

Segment breakdown: IDACORP’s results are primarily Idaho Power regulated utility; no segment revenue breakdown disclosed in Q1 materials .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
IDACORP EPS (diluted)	FY 2025	$5.65–$5.85	$5.65–$5.85	Maintained
Idaho Power Additional ADITCs ($M)	FY 2025	$60–$77	$60–$77	Maintained
Idaho Power O&M ($M)	FY 2025	$465–$475	$465–$475	Maintained
Idaho Power Capex excl. AFUDC ($M)	FY 2025	$1,000–$1,100	$1,000–$1,100	Maintained
Hydropower Generation (MWh, Millions)	FY 2025	6.5–8.5	7.0–8.5	Raised low end

Earnings Call Themes & Trends

Topic	Q-2 (Q3 2024)	Q-1 (Q4 2024)	Current (Q1 2025)	Trend
Load growth & large customers	Continued inquiries; IRP 5‑yr retail sales growth 8.3%	Growth framework reiterated; capex/IRP updated	2.6% customer growth; Chobani $500M expansion; Tractor Supply DC $225M; steady large‑load inquiries	Strengthening pipeline
Resource additions (storage/wind/solar)	2026–27 RFP adding batteries and first owned wind	Plan reiterated in 10‑K	80 MW battery on track; 150 MW storage agreement; Jackalope wind (300 MW owned) pending approval; CEYW solar online	Execution advancing
Transmission buildout	Boardman‑to‑Hemingway, Gateway West, SW Intertie timelines	Earliest B2H in‑service 2027; permits in place	Breaking ground in 2025; SWIP‑North construction as early as 2025; coordination with PacifiCorp	Moving to construction
Regulatory strategy	Raised lower end of 2024 EPS; Oregon GRC order	2025 guidance initiated; limited‑issue Idaho rate case approved for Jan 1, 2025	Notice of intent to file Idaho GRC by end of May; aim to reduce regulatory lag (consider trackers/multi‑year options)	Proactive to reduce lag
Wildfire mitigation / liability	O&M increases; plan costs offset in rates	Pension/wildfire O&M up; recovery through base rates	New Wildfire Standard of Care Act; PSPS plan in place; favorable statewide damage caps	Risk framework improved
Hydrology & market prices	Moderating gas/power prices aided other income	Same dynamic helped 2024 results	Raised hydro guidance; 108% snowpack; lower market volatility cut net power supply expense	Tailwinds building
Tariffs/macro (battery imports)	Not highlighted	Not highlighted	Monitoring battery storage tariffs; affordability focus; switching in‑process projects “almost impossible”	Emerging risk management

Management Commentary

“IDACORP's earnings benefited from continued strong customer growth, rate changes, and the expected use of tax credits under the company’s Idaho regulatory mechanism.” — CEO Lisa Grow .
“We’re in execution mode… several factors are helping… permitting transmission projects well over a decade ago… issuing annual RFPs… negotiating with large load customers… constructive relationship with regulators.” — CFO Brian Buckham .
“We submitted to the Idaho Commission a notice of intent to file a general rate case… approximately seven months… rates effective no earlier than January 2026… necessary to recover substantial capital investments.” — CEO Lisa Grow .

Q&A Highlights

Regulatory lag and mechanisms: Company will request commission actions to reduce lag; considering options (trackers/multi‑year), details forthcoming; AFUDC filing on Hells Canyon helps cash lag .
Wildfire legislation: No major plan changes anticipated; Idaho’s statewide damage caps for noneconomic/punitive damages are favorable; fund solution difficult given small state size; exploring insurance/captive alternatives .
Dispatchable resources: IRP shows needs in 2029 and 2030, with potential additional needs in subsequent years .
Large‑load demand and interconnections: Steady flow of inquiries; generation resources appearing across service territory to meet growth; 2028 shortlist “several hundred MW” including an Idaho Power project .

Estimates Context

SPGI consensus estimates for Q1 2025 EPS and Revenue were unavailable via the S&P Global feed at time of query; therefore, a formal beat/miss vs consensus cannot be assessed. IDACORP reaffirmed FY 2025 EPS guidance ($5.65–$5.85) and raised hydro generation guidance low end, supporting confidence in trajectory . Values retrieved from S&P Global.*

Key Takeaways for Investors

EPS strength despite YoY revenue decline reflects constructive rate environment, customer growth, and higher ADITC amortization; expect depreciation and interest headwinds to persist as capex accelerates .
Guidance intact with better hydro outlook; if hydrology and moderating market prices persist, power supply expense tailwinds could support full‑year delivery within the range .
Near‑term regulatory catalyst: Idaho general rate case filing (target effective Jan 2026) with potential mechanisms to reduce lag; monitor proposed trackers/multi‑year constructs .
Capacity buildout progressing (storage, wind, transmission); execution risk includes tariff exposure on battery assets—management monitoring origin/mitigation plans .
Wildfire liability framework improved via Idaho’s Standard of Care Act; O&M pressures from wildfire mitigation and labor inflation remain, but recovery pathways in rates are established .
Financing plan active: ~~$1.4B CWIP visible; external capital needs (~~$1.4B equity, ~$2.2B debt 2025–2029) with flexibility; upsized equity forward offering at $111 provides optionality to fund capex while managing leverage .
Trading implications: Reaffirmed guidance and improved hydro are supportive; rate case filing and progress on B2H/SWIP can be positive catalysts; watch tariff headlines and any changes to regulatory recovery mechanics for sentiment and multiple support .

Additional Context Press Releases (Q1 timing and financing)

Earnings release scheduling: May 1 call logistics and slide deck availability .
Equity offering: Priced upsized public offering of 4,504,505 shares at $111.00 per share via forward sale agreements; proceeds expected for capex upon physical settlement within 18 months .
Offering announcement (commencement): underwritten public offering targeting ~$450M with greenshoe and forward sale structure .

IDACORP INC (IDA)·Q1 2025 Earnings Summary